Home furnishings retailer IKEA has announced that as a part of its sustainability initiative and its goal to become energy and resource independent, it will invest 1.5 billion euros ($1.8 billion) in wind and solar projects through 2020.

The company also plans to improve the energy efficiency of its operations by at least 20% and encourage its suppliers to do the same. In addition, IKEA says all of its main home furnishing materials - including packaging - are renewable, recyclable or recycled.

IKEA has already completed solar installations on 34 of its stores and distribution centers, with five more projects under way. It has also installed 33 electric-vehicle charging stations at nine of its stores in the western U.S.

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